Computation of Base Rate based on Marginal Cost of Funds
Posted Date : 05-Jan-2016 , 11:07:45 pm | Posted By
Sumat Singhal
Computation of Base Rate based on Marginal Cost of Funds Sumat Singhal (B.Com, CAIIB, DTIRM,ACA,ACS,CWA(F)
The Reserve Bank vide its circular DBOD.No.Dir.BC88/13.03.0/2009-10 dated April 9, 2010 introduced the Base Rate system with effect from July 1, 2010, which replaced the ...
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Category : Banking |
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GST Refund - The last step of compliance...!!!
Posted Date : 05-Jan-2016 , 01:17:21 pm | Posted By
Raman Singla
As per the discussion papers dated August 2015 issued by the Empowered Committee on the last step of Compliance under The Goods And Service Tax Act i.e. Refund under GST, the Committee has stated the steps assessee has to follow at the time of claiming Refund, the documents to be submitted and the p...
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Category : GST |
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REASONS FOR SERVICE TAX RETURN GETTING REJECTED...!!!
Posted Date : 29-Dec-2015 , 11:47:02 am | Posted By
Raman Singla
Some Service Tax returns gets rejected after uploading of the XML file for the ST3 return, mainly due to the following reasons:-
Incorrect selection of return type – whether it is Original or Revised return.
When the Financial Year and the Period of Return are different in the XML file a...
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Category : Service Tax |
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GST- A Revolution in Indirect Tax Law
Posted Date : 28-Dec-2015 , 05:50:18 pm | Posted By
Rohit Kapoor
GST- A Revolution in Indirect Tax Law
Good and Services Tax is the most logical steps towards the comprehensive indirect tax reform in India since independence. Goods and Services Tax is to be implemented shortly by the Government of India. GST is leviable on every transaction involving supply of ...
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Category : GST |
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Lawmakers let another GST opportunity go abegging with washout of winter session
Posted Date : 24-Dec-2015 , 08:14:09 pm | Posted By
CA Bimal Jain
Lawmakers let another GST opportunity go abegging with washout of winter session
GST has been missing several deadlines in the past. Perhaps, the only major reform both India and the World were looking at from the Parliament’s winter session was the passage of the 122nd Constitut...
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Category : GST |
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GST RETURN under GST
Posted Date : 24-Dec-2015 , 11:45:21 am | Posted By
Raman Singla
A return is a statement of specified particulars relating to business activity undertaken by the taxable person during a prescribed period.
A taxable person has a legal obligation:
To declare his tax liability for a given period in the return;
Furnish details about the taxes paid ...
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Category : GST |
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GST: RBI E-KUBER... WHATS THAT...???
Posted Date : 23-Dec-2015 , 11:35:39 am | Posted By
Raman Singla
The Joint Committee formed under GST recommends that RBI should play the role of an aggregator through its e-Kuber system. Such role will facilitate participation of larger number of banks in GST receipts enhancing convenience for the tax payers and provide single source of information for cred...
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Category : GST |
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GST PAYMENT- ONLINE OR MANUAL...??
Posted Date : 21-Dec-2015 , 11:37:14 am | Posted By
Raman Singla
One more Report of Joint Committee dated April 2015 was issued to give clarity on the issues relating Goods and Service Tax Payment.
It is said that more the system and procedures are made electronic more is the efficiency of tax administration and greater is the satisfaction of t...
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Category : GST |
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Provisions of interest on belated refund in terms of Section 27A of the Customs Act also applies on belated refund of SAD
Posted Date : 17-Dec-2015 , 09:49:08 pm | Posted By
CA Bimal Jain
Provisions of interest on belated refund in terms of Section 27A of the Customs Act also applies on belated refund of SAD
Principal Commissioner of Custom Vs. Riso India (P.) Ltd. [(2015) 63 taxmann.com 205 (Delhi)]
Facts:
Riso India (P.) Ltd. (“the Respondent”) w...
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Category : Custom |
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ONLINE DVAT REGISTRATION : -- MANDATORY OR VOLUNTARY WHAT TO APPLY ??
Posted Date : 17-Dec-2015 , 04:03:04 pm | Posted By
Ankit Gupta
Now days for Trading goods online via. Flipkart , Amazon , Snapdeal , Shopclues etc. every dealer is required by such e commerce sites to obtain DVAT registration certificate so as to enroll themselves as dealer on such e commerce sites.
In that case, If a person is willing to start ...
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Category : VAT |
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Cenvat credit on input services availed prior to initiation of manufacturing activity is admissible
Posted Date : 16-Dec-2015 , 09:36:51 pm | Posted By
CA Bimal Jain
Cenvat credit on input services availed prior to initiation of manufacturing activity is admissible
Shree Cement Ltd. Vs. Commissioner of Central Excise, Jaipur [2015 (63) taxmann.com 151 (New Delhi - CESTAT)]
Facts:
The Department denied the Cenvat credit...
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Category : Excise |
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Registration under Gujarat VAT TIN and CST TIN - A Common Man's Guide - Part I of Series 10 on 10
Posted Date : 14-Dec-2015 , 07:56:35 pm | Posted By
Sachin D Jain
A lot of queries comes to mind when one thinks about taking registration under Gujarat VAT and CST Laws. Some of the queries and their answers are published as follows for the benefits of the readers:
What is VAT / CST / TIN / Sales Tax ? Answer: VAT means Value Added Tax On Sales. CS...
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Category : VAT |
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GST: NO HOPES IN CURRENT SESSION OF PARLIAMENT...!!
Posted Date : 14-Dec-2015 , 12:42:52 pm | Posted By
Raman Singla
As time runs out for the passage of the Goods and Services Tax Bill in the ongoing winter session of Parliament, Union Minister of State for Parliamentary Affairs Mukhtar Abbas Naqvi told on Sunday: “We hope Parliament works from Monday so that the stalled work begins.”
...
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Category : GST |
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How to crack that interview and get the coveted job
Posted Date : 13-Dec-2015 , 10:38:20 pm | Posted By
Anurag Singal
Step 0:
Understand the company that is hiring as well as interviewer:
Most companies do a ‘pre-placement talk” (in case of campus placements) and when you get the opportunity to ask questions, dont simply ask questions about the company or the job. You should know those things as w...
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Category : General |
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SECTION 175 OF COMPANIES ACT 2013 - PASSING OF RESOLUTION BY CIRCULATION
Posted Date : 10-Dec-2015 , 02:47:56 pm | Posted By
Manshi Baid
SECTION 175 OF THE COMPANIES ACT 2013 PASSING OF RESOLUTION BY CIRCULATION
In case of companies all the decisions are taken by passing a resolution which may be an ordinary resolution or a special resolution.
&nb...
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Category : Corporate Law |
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declaration format to be furnished by the payee under section 194C(6)
Posted Date : 10-Dec-2015 , 01:46:24 pm | Posted By
Pardeep Garg
“DECLARATION UNDER SECTION 194C(6) OF THE INCOME-TAX ACT, 1961
No………(To be provided by payee) &nb...
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Category : Income Tax |
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WAYS IN WHICH GST WILL HELP THE INDIAN ECONOMY...!!
Posted Date : 09-Dec-2015 , 11:47:53 am | Posted By
Raman Singla
We all know that GST is the most radical tax reform in the country since Independence.
About nine years in the making, the GST will subsume most of the taxes and levies, radically changing the way tax is collected in India.
GST is expected to come into force by next year i.e. 2016.
The posi...
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Category : GST |
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Cenvat credit is admissible even though the Appellant was not registered with the Service Tax Department at the time of availing input services
Posted Date : 08-Dec-2015 , 09:33:23 pm | Posted By
CA Bimal Jain
Cenvat credit is admissible even though the Appellant was not registered with the Service Tax Department at the time of availing input services
India Housing Vs. Commissioner of Central Excise, Lucknow [2015 (11) TMI 1422 – CESTAT NEW DELHI]
Facts:
India Housing (“the Appellant&...
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Category : Service Tax |
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section 174 of the companies act 2013 - QUORUM FOR BOARD MEETING
Posted Date : 08-Dec-2015 , 04:12:31 pm | Posted By
Manshi Baid
SECTION 174 OF THE COMPANIES ACT 2013 - QUORUM FOR BOARD MEETING
Quorum here means the minimum number of directors to be present at the board meeting in order to hold the board meeting. The provisions related to the minimum no. of directors i.e. quorum is provided u/s 174 of the compani...
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Category : Corporate Law |
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SPECIAL PROVISIONS FOR COMPUTATION OF PROFIT AND GAIN OF BUSINESS ON PRESUMPTIVE BASIS
Posted Date : 07-Dec-2015 , 06:01:43 pm | Posted By
Manshi Baid
Section 44AD of the Income Tax Act, 1961 - SPECIAL PROVISIONS FOR COMPUTATION OF PROFIT AND GAIN OF BUSINESS ON PRESUMPTIVE BASIS
This section provides that ELIGIBLE ASSESSEES can in respect of ELIGIBLE BUSINESS can declare 8% or more of the Total turnover or gross receipts on account o...
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Category : Income Tax |
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